LIBERTY TWP., Ohio- A new tax incentive for businesses to move into a busy portion of Liberty Township awaits approval by the state.
Belmont Avenue between Gypsy Lane and Tibbetts-Wick Road is the proposed community reinvestment area where it's hoped businesses consider setting up shop.
This week, Trumbull County commissioners approved a 10 year, 50 percent tax abatement to any commercial and residential property with plans to spend at least $5,000 on building or renovations.
"It's always been a case that we have high taxes here, so by providing a 50 percent tax abatement to businesses to come into the township, to build a business, it will help to spur economic development in the township," Jodi Stoyak said, township trustee.
Stoyak says signs of new development on Belmont, including Walmart, show a growth in interest in the region off of I-80.
A Belmont Avenue Italian specialty store moved into its newly renovated location five years ago and its expansion plans would benefit from a tax break.
"What we're considering doing is just improving upon what we already have here in our store, just a little expansion and just making our customers happier with the ease of getting in and out faster," Frank Occhibove said, store manager.
Occhibove says his family business recently purchased neighboring property in hopes of adding on and that the possibility of an abatement makes that endeavor more attractive.
If the reinvestment area is approved by the Ohio Community Reinvestment Area program, county commissioners would consider abatements on a case by case basis.